Stocks drifted through a quiet day and held near their record heights following a mixed set of profit reports.
The S&P 500 slipped 0.1% from its record Tuesday. The Dow rose 0.3%, and the Nasdaq composite fell 0.8%. UPS slumped after forecasting weaker revenue for 2024 than analysts expected. General Motors jumped after its profits beat forecasts.
Treasury yields were mixed in the bond market following reports that showed the economy remains stronger than expected. The Federal Reserve began its latest policy meeting on interest rates. Wall Street hopes the Fed will hint at a rate cut coming in March.
On Tuesday:
The S&P 500 fell 2.96 points, or 0.1%, to 4,924.97.
The Dow Jones Industrial Average rose 133.86 points, or 0.3%, to 38,467.31.
The Nasdaq composite fell 118.15 points, or 0.8%, to 15,509.90.
The Russell 2000 index of smaller companies fell 15.19 points, or 0.8%, to 1,996.24.
For the week:
The S&P 500 is up 34 points, or 0.7%.
The Dow is up 357.88 points, or 0.9%.
The Nasdaq is up 54.53 points, or 0.4%.
The Russell 2000 is up 17.91 points, or 0.9%.
For the year:
The S&P 500 is up 155.14 points, or 3.3%.
The Dow is up 777.77 points, or 2.1%.
The Nasdaq is up 498.55 points, or 3.3%.
The Russell 2000 is down 30.84 points, or 1.5%.
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